The number of Key West condo and Key West townhome sales was 10, the same number as same month the previous year. The average Key West condo and Key West townhome price was $308,000, 36% lower than the same month for the previous year. Median Key West condo and Key West townhome price was $312500, 56% higher than the same month the previous year. Average days on market dropped to 77 from 145 from the same month the previous year.
The Key West real estate market now has only 516 residential listings as of 11-1-2010. There are 276 Key West homes for sale, 183 Key West condo and Key West townhome listings for sale, and 57 Key West Multi-family listings for sale.
Year to date for 2010 in the Key West real estate market shows that the number of listings sold is over 13% more this time last year. We have had more than 366 residential Key West real estate closings so far this year. 2009 Key West real estate sales were up 22% over 2008 so the market is gaining steam. In addition, the number of days on the market for Key West real estate has decreased to 137 days as opposed to 169 for 2009.
The market would most likely be showing additional strength in the number of sales and higher prices, but the Gulf oil spill threat put a number of people on hold. Now that the oil spill is behind us, people are returning to the market. There is also a foreclosure moratorium with many major lenders and I have had two closings delayed indefinitely because of that. Hopefully the high end market will return as we get into the season. I am representing a buyer that has a $1,650,000 property under contract and just received an offer for a property I have listed at $1,949,000 this morning. We continue to see some appreciation in the lower end of the market as inventory continues to shrink and the number of buyers continues to increase, with multiple offer situations common for properties under $300,000.